BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of St. Michael’s Shopping Center, a 31,837-square-foot retail property in the Fort Worth suburb of Bedford. The center was 97 percent occupied at the time of the sale to tenants including Papa G’s Bar and Grill, Texas Back Care, Old West Café, Gray Wolf Promotions, Salon Cheveux and State Farm Insurance. Located at 2900 State Highway 121, near East Harwood Road, the asset is situated across from the north entrance to the DFW International Airport. Philip Levy and Chris Gainey of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a partnership.
LAS VEGAS — Craig Promenade Retail Center, an 86,395-square-foot shopping center in North Las Vegas, has sold to RREF II-KI Promenade LLC for $10.1 million. The center is located at located at 525-785 W. Craig Road. It was 70 percent occupied at the time of sale. Notable tenants include Big Lots and Metro PCS. RREF II-KI Promenade represented itself in the transaction. The seller, TNP SRT Craig Promenade, LLC, was represented by Faris Lee.
FARMINGTON, CONN. — Raymour & Flanigan Properties LLC has acquired a freestanding 21,600-square-foot Barnes & Noble store in the West Farms Mall section of Farmington. The purchase price was undisclosed. Barnes & Noble has occupied the property for the past 20 years. Matt Halprin, principal at New England Retail Properties Inc., represented the buyer in the transaction. LA Drinkwater and Seth Richards of Marcus & Millichap represented the seller, BN (CT) QRS-1157 LLC, in transaction.
FLOWER MOUND, TEXAS — The Silver Group has brokered the sale of a single-tenant retail building leased to Academy Sports + Outdoors in the Metroplex suburb of Flower Mound for $8.2 million. Constructed in 2013 and sold upon completion, the 72,000-square-foot structure is located at 3621 Justin Road, near the street’s intersection with Long Prairie Road. Academy, which developed the property, sold the asset to a West Coast partnership completing a 1031 tax-deferred exchange. Both the buyer and seller were represented by The Silver Group.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of a 2,567-square-foot property occupied by Gatti’s Pizza in Richardson. Originally constructed in 1978, the building is located at 2115 E. Belt Line Road, which boasts traffic counts in excess of 30,000 per day. At the time of the sale, Gatti’s had three years remaining on the triple-net lease. Blake Burnett of Marcus & Millichap represented the seller, an out-of-state family partnership, and also procured the buyer, a local limited partnership.
FREDERICK, MD. — Matan Cos. has been given the green light to go forward with its new 190,000-square-foot Walmart Supercenter in Frederick. The Frederick Planning Commission approved the measure at its last meeting. The new Walmart will be located on the northwest corner of Moncacy Boulevard and Route 26. Matan purchased the development site in 2010.
OAK LAWN, ILL., AND OVERLAND PARK, KAN. — NorthMarq Capital has arranged a total of $29.4 million in acquisition financing for two retail properties in metro Chicago and Kansas City. The Shops at 95th and Cicero, located at 9621-9633 South Cicero Ave. in Oak Lawn, Ill., spans 76,479 square feet. Financing for the $10.5 million acquisition includes a 10-year term and 30-year amortization schedule. Overland Crossing Shopping Center, located at 11900-12070 Metcalf Ave. in Overland Park, Kan., measures 174,497 square feet. The $18.9 million acquisition financing for the property includes a 10-year term and 30-year amortization schedule. A life insurance company provided both loans. John Stewart, senior vice president of NorthMarq Capital’s Denver office, arranged the financing.
NEWBURGH, IND. — The Cooper Commercial Investment Group has arranged the $2.8 million sale of the grocery-anchored Apple Center in Newburgh, a city in southern Indiana. Dan Cooper, president and broker at Cooper Commercial in Cleveland, Ohio, represented the owner, an Atlanta-based private investment group out of Atlanta. The buyer was a New York City-based private investment group. Ruler Foods, a division of Kroger, and Ace Hardware anchor the center, which is 93 percent occupied. The 88,348-square-foot center is located along the State Route 66 corridor.
NEW YORK CITY — Prudential Real Estate Investors (PREI) has agreed to enter an $84 million joint venture with Madison Capital to acquire 18,889 square feet of ground-floor retail space at The Astor in New York City. Located at 2151 Broadway in the Upper West Side submarket, The Astor is a 13-story historic multifamily property. Barney’s and Lululemon Athletica anchor the retail space. PREI, acting on behalf of German institutional investors in its U.S. Property Fund V, is the real estate investment management and advisory business of Prudential Financial Inc.
AMARILLO, TEXAS — Quantum Real Estate Advisors Inc. has brokered the sale of an 8,000-square-foot Family Dollar location in Amarillo for $1.3 million. The build-to-suit facility is net-leased to Family Dollar for the next 10 years. Jordan Kaufman of Quantum represented the seller, a private developer based in Houston. Chad Firsel, also of Quantum, represented the buyer, a California-based private investor.